Although social isolation protocols and rising economic uncertainty have had an impact on homebuyer activity, sales continue in much of Ontario and many of its communities. It is still a seller’s market because there are always safe ways to sell even in the midst of a global pandemic.
That being said, Hamilton condo sellers have few choices: they can either put their property on the market amid the pandemic and wait until the lockdown is lifted or put off their plans entirely. It is important to make the decision based on your unique circumstances.
Either way, be prepared for prices to drop, but don’t get too discouraged. House prices are known to recover well from sudden collapses in the market due to outbreaks and pandemics, as we have previously seen in places like Hong Kong and China.
Here’s our advice to you in a nutshell: If you can find a buyer willing to move in the current climate, at your given prices, you should definitely go ahead with the sale. If you can’t find a buyer willing to buy your Hamilton condos at your given prices, then you should hold off selling.
Because remember, we are living in unprecedented, but temporary times. The property market isn’t at a complete halt. Use the extra time you have during the lockdown to become creative with walk-through tours of your Hamilton condos on a smartphone. This will add a lifestyle element that a brochure or website add simply can’t provide. People now have extra time to sit and trawl through virtual tours and will appreciate your time and effort.
At the time of this article’s writing, more than two million employent insurance applications have flooded the federal government. Many industries, including the hotel and restaurant sectors, have experienced mass layoffs. More layoffs may soon follow. This means sellers will find it harder to line up more prospects for their homes, at least at their given prices.
The Bank of Canada has Slashed interest
Amidst all the bad news, there is at least some silver lining to the real estate market, both for buyers and sellers. The Bank of Canada has reduced interest rates by one full percentage point. As a result, more buyers will now be able to borrow at lower mortgage rates. Fixed-term mortgage rates are also on the decline, giving homebuyers more flexibility to borrow and aim for higher prices. This also means they will agree to the seller’s given prices.
No doubt, low mortgage rates are helping well qualified buyers who can now secure a five-year fixed rate for below 2.5 percent and variable rates below two percent.
If your property needs work, try to get it done now (as long as you continue to follow the rules of social distancing, that is). Tidy up the driveway, get the garage painted, and remove any debris outside your house. Make sure you give your property a fresh look to create a good impression on prospects.
You Should Sell if You Have to Move Out Soon
If you have to move out regardless of lockdown orders, you can still sell your home and find a new one. Perhaps you lost your job and are worried about your ability to continue to pay your mortgage bills. In this case, selling may be a valid option. This does create an alarming situation though: if more Canadians attempt such sales, they may end up creating a glut of inventory. This could lead to a drop in prices for Hamilton condos.
Real Estate Agents Can Still Take on New Listings
Although their physical offices are now closed for business, many real estate agents are still closing deals by working remotely from home. True, it has become difficult for them to deal with both buyer and seller, because the current social distancing rules mean they cannot conduct inspections and appraisals, but don’t let that put you off if you’re serious about selling your Hamilton condos.
Your real estate agent can still provide advice to you over the phone and let you in on the current market prices for your area.
They will likely have similar talks with potential buyers. If things go well, they may even be able to line up interested buyers to view your property once the lockdown is lifted.
It’s All About Leveraging Real Estate
The advances in technology have simplified the home buying process. It is now easier to understand more about Hamilton condos, home, townhouse, or other listings through online listings.
You can make your property look more attractive by providing the buyer with detailed descriptions, panoramic pictures, floor plans, and video tours to give them a good feel of the home before they ever set foot in the property. Right now, it’s all about setting yourself apart from the crowd. If you can do that, you’re golden.